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Individual Retirement Accounts in Wisconsin & Minnesota
If you have earned income, an individual retirement account (IRA) gives you the opportunity to save for retirement and possibly enjoy certain tax benefits.1
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IRA Savings Account Features
Planning for retirement is essential to achieving long-term financial security, and Forward Bank is here to help you every step of the way. Our Individual Retirement Accounts (IRAs) provide you with two great options to grow your retirement savings: IRA Savings Accounts and IRA Certificates of Deposit (CDs). Our IRAs offer the opportunity for tax-deferred growth and potential tax deductions, depending on your eligibility. Explore your IRA options today and start planning for a financially secure future.
There are two types of Individual Retirement Accounts (IRAs): Traditional and Roth. Both offer tax advantages and flexible savings options to help you reach your financial goals.
Traditional IRA Savings
Contributions may be tax-deductible, allowing your savings to grow tax-deferred until retirement. This option can be a smart choice if you want to reduce your taxable income now and expect to be in a lower tax bracket when you retire.
Roth IRA Savings
With a Roth IRA, you contribute after-tax dollars, and your withdrawals in retirement are tax-free, provided certain conditions are met. This option is ideal if you expect to be in a higher tax bracket in retirement or want the flexibility of tax-free income later on.
Both types of IRA Savings Accounts offer you the opportunity for steady growth while preparing for a secure retirement.
IRA Savings Interest Rates
| Account | Minimum to Open | Interest Rate | APY** | Minimum to Earn APY** |
|---|---|---|---|---|
| AccountIRA Savings* | Minimum to Open$0 | Interest Rate0.30 | APY**0.30 | Minimum to Earn APY**$0 |
*Rates could change after account is opened. Rates are subject to change without advance notice.
**APY=Annual Percentage Yield. APY assumes interest is added to account.
Term Certificates of Deposit and IRA’s may be subject to early withdrawal penalty.
Learn more about IRAs including contribution limits and types from the IRS website.
Start Your Path to a Secure Retirement
IRA CD Features
If you prefer the security of a fixed return, our IRA Certificates of Deposit (CDs) are a great way to lock in competitive rates and watch your savings grow over time. With a range of terms to choose from, you can find the IRA CD that fits your retirement timeline.
- Guaranteed returns: Lock in a fixed rate for the term of your choice, ensuring your savings grow steadily without the risk of market fluctuations.
- Flexible terms: Choose from a variety of terms, ranging from short-term (6 months) to long-term (up to 5 years), allowing you to tailor your savings strategy to your retirement plans.
- Tax advantages: Just like our IRA Savings Accounts, IRA CDs offer tax-deferred growth, and you may be eligible for additional tax benefits depending on your situation.
IRA CD Interest Rates
| Account | Minimum to Open | Interest Rate | APY** | Minimum to Earn APY** |
|---|---|---|---|---|
| Account9-Month IRA CD | Minimum to Open$5,000 | Interest Rate3.94 | APY** 4.00 | Minimum to Earn APY**$5,000 |
| Account1 Year IRA CD | Minimum to Open $100 | Interest Rate1.05 | APY** 1.05 | Minimum to Earn APY**$100 |
| Account1 Year IRA CD | Minimum to Open $100 | Interest Rate1.10 | APY**1.10 | Minimum to Earn APY**$10,000 |
| Account1 Year IRA CD | Minimum to Open $100 | Interest Rate1.15 | APY**1.15 | Minimum to Earn APY**$25,000 |
| Account18 Month IRA CD | Minimum to Open $100 | Interest Rate1.30 | APY**1.31 | Minimum to Earn APY**$100 |
| Account18 Month IRA CD | Minimum to Open $100 | Interest Rate 1.35 | APY** 1.36 | Minimum to Earn APY**$10,000 |
| Account18 Month IRA CD | Minimum to Open $100 | Interest Rate1.40 | APY**1.41 | Minimum to Earn APY**$25,000 |
| Account3 Year IRA CD | Minimum to Open $100 | Interest Rate1.55 | APY**1.56 | Minimum to Earn APY**$100 |
| Account3 Year IRA CD | Minimum to Open $100 | Interest Rate 1.60 | APY**1.61 | Minimum to Earn APY**$10,000 |
| Account3 Year IRA CD | Minimum to Open $100 | Interest Rate1.65 | APY**1.66 | Minimum to Earn APY**$25,000 |
| Account5 Year IRA CD | Minimum to Open$500 | Interest Rate2.05 | APY** 2.06 | Minimum to Earn APY**$100 |
| Account5 Year IRA CD | Minimum to Open$500 | Interest Rate 2.10 | APY**2.12 | Minimum to Earn APY**$10,000 |
| Account5 Year IRA CD | Minimum to Open$500 | Interest Rate2.15 | APY**2.17 | Minimum to Earn APY**$25,000 |
*Rates could change after account is opened. Rates are subject to change without advance notice.
**APY=Annual Percentage Yield. APY assumes interest is added to account.
Term Certificates of Deposit and IRA’s may be subject to early withdrawal penalty.
Learn more about IRAs including contribution limits and types from the IRS website.
Moving Your Savings Forward
Saving for your future doesn’t have to be complicated. At Forward Bank, our experts are here to help you explore flexible, competitive IRA Savings Accounts and IRA CDs to achieve a secure retirement.
Frequently Asked Questions
Explore answers to some of the most common questions about IRAs.
Insurance and Investment products are *Not FDIC Insured *No Bank Guarantee *May Lose Value *Not Insured by Any Federal Government Agency *Not a Deposit